IWM vs LICN: Correlation
iShares Russell 2000 ETF (IWM) and Lichen International Limited - Class A (LICN) show a negative relationship: their 3-year correlation of weekly returns is -0.13.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IWM and LICN?
Over the past 3 years, IWM and LICN moved with a correlation of -0.13, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.08 versus -0.13 over 3 years. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -21256.9 %².
Within IWM's tracked universe of 320 assets, LICN comes in at #315 by 3-year correlation. The last year tells two different stories: IWM led by 103.1 percentage points, +28.4% for IWM against -74.7% for LICN. One caveat on sizing: LICN is 430.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
IWM vs LICN: side by side
| IWM (iShares Russell 2000 ETF) | LICN (Lichen International Limited - Class A) | |
|---|---|---|
| 1-year return | +28.4% | -74.7% |
| 5-year return | +41.5% | n/a |
| Volatility (ann.) | 19.8% | 8528.0% |
| Beta vs S&P 500 | 1.06 | -80.22 |
| Max drawdown (3Y) | -27.5% | -98.4% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.91% | 0.00% |
| Expense ratio | 0.19% | – |
| Assets under management | $80.1B | – |
| Sector / category | ETF · US Small & Mid Cap | US Listed |
IWM, iShares's Small Blend fund, carries $80.1B under management, 1757 holdings, a 0.19% expense ratio, a 0.91% trailing dividend yield.
Year-by-year returns
| Year | IWM | LICN |
|---|---|---|
| 2022 | -20.5% | – |
| 2023 | +16.8% | – |
| 2024 | +11.4% | -91.0% |
| 2025 | +12.7% | +1484.3% |
| 2026 | +22.3% | -56.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IWM and LICN good diversifiers for each other?
Yes. With a correlation of -0.13, IWM and LICN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between IWM and LICN?
The IWM/LICN correlation stands at -0.13 on a 3-year window (1 year: 0.08, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is LICN a good diversifier for IWM?
Yes. With a correlation of -0.13, IWM and LICN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.13 mean?
On the −1 to +1 scale, -0.13 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/iwm-vs-licn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iwm-vs-licn/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IWM correlations · LICN correlations
